Binance discovered it earned 9.5 million XLM in staking rewards since 2018 and will now officially support XLM staking, distributing accumulated rewards to users starting in 42 days with September payouts worth 10-12 months of typical monthly rewards.
Binance inadvertently accumulated 9.5 million XLM (worth $775,000 USD) in staking rewards since August 31, 2018, after implementing wallet changes recommended by the Stellar team. The exchange has decided to share these accumulated rewards with all XLM holders in its community as of July 20. Binance is now adding official staking support for XLM and will begin distributing rewards to all users who stake XLM tokens in 42 days. The September payout is estimated to be worth 10 to 12 months of typical monthly rewards, making this a significant distribution event for the Stellar community.